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November 16, 2012 06:28 PM Eastern Time

Silver Sun Closes First Tranche of Private Placement

VANCOUVER, British Columbia--(BUSINESS WIRE)--Silver Sun Resource Corp. (“Silver Sun” or “the Company”) is pleased to
announce that, further to its news releases dated October 9, 2012 and
November 1, 2012, it has closed the first tranche of its non-brokered
private placement, this first tranche consisting of 4,055,000 Units at a
price of $0.12 a Unit for gross proceeds of approximately $486,600. Each
Unit is comprised of one common share in the capital of the Company and
one non-transferable share purchase warrant, each warrant entitling the
holder to purchase one additional common share of the Company until
November 16, 2014 at a per share price of $0.17 until November 16, 2013
and $0.25 until November 16, 2014.

Cash finders’ fees in the amount of $3,300 was paid and warrants to
acquire an aggregate of 27,500 common shares of the Company until
November 16, 2014 at a per share price of $0.17 until November 16, 2013
and $0.25 until November 16, 2014 were issued to an arm’s length finder
who introduced the Company to investors.

Shares issued by the Company to the subscribers of the private placement
are, and shares which may be acquired upon the exercise of the share
purchase warrants will be, subject to a hold period until March 17,
2013, in accordance with applicable securities legislation.

The Company intends to use the proceeds of the private placement for
expansion of the Cherry Hill Gold mine in Siskyou County, California and
for general working capital and corporate purposes.

About Silver Sun Resource Corp.

Silver Sun Resource Corp. is a Canadian-based resource company focused
on the acquisition, exploration and development of precious metal
deposits in North America. The Company is in the production stage with
its gold project in Yreka, California and engaged in an on-going work
program on the Zacatecas, Salvador, and Mina San Jose properties located
within the prolific Zacatecas Silver District in Mexico, as well as its
Yoreme Silver Project in the mining district of Alamos, Sonora State,
Mexico. The Company has an experienced management team with a growth
strategy to develop a diversified portfolio of mining projects that can
be taken to production in the near-term. The company's design is to add
shareholder value through efficient exploration, strategic acquisitions
and effective marketing while maintaining a low risk profile through
project diversification and sound financial management.

ON BEHALF OF THE BOARD OF DIRECTORS

“Mark A. McLeary”President

Forward Looking Statements

This news release contains statements that constitute
"forward-looking statements" within the meaning of Section 21E of the
United States Securities Exchange Act of 1934 and "forward looking
information" within the meaning of applicable Canadian provincial
securities legislation (collectively, "forward-looking statements").
Forward-looking statements often, but not always, are identified by the
use of words such as "seek", "anticipate", "believe", "plan",
"estimate", "expect", "targeting" and "intend" and statements that an
event or result "may", "will", "would", "should", "could", or "might"
occur or be achieved and other similar expressions. Forward-looking
statements in this news release include statements regarding the timing
and nature of permitting approvals, the timing and nature of
infrastructure developments and construction, completion of project
milestones, projections of future optimization, the timing of
negotiations with third parties, and the timing and nature of production
timeline targets which are dependent on projections which may change as
testing and processing continues.

The forward-looking statements that are contained in this news
release are based on various assumptions and estimates by Silver Sun and
involve a number of risks and uncertainties. As a consequence, actual
results might differ materially from results forecast or suggested in
these forward-looking statements. Forward-looking statements involve
known and unknown risks, uncertainties, assumptions and other factors
that may cause the actual results, performance or achievements of Silver
Sun to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements.
Factors that could cause the actual results to differ include; risks
relating to fluctuations in the price of gold; the inherently hazardous
nature of mining-related activities; uncertainties concerningresource
estimates; results of exploration, availability of capital and financing
on acceptable terms, inability to obtain required regulatory approvals,
unanticipated difficulties or costs in any rehabilitation which may be
necessary, market conditions and general business, economic,
competitive, political and social conditions. These statements are based
on a number of assumptions, including assumptions regarding general
market conditions, timing and receipt of regulatory approvals, the
ability of Silver Sun and other relevant parties to satisfy regulatory
requirements, the availability of financing for proposed transactions
and programs on reasonable terms and the ability of third-party service
providers to deliver services in a timely manner. Although Silver Sun
has attempted to identify important factors that could cause actual
results to differ materially from those expressed or implied in
forward-looking statements, there may be other factors which cause
actual results to differ. Forward-looking statements contained herein
are made as of the date of this news release and Silver Sun disclaims
any obligation to update any forward-looking statements, whether as a
result of new information, future events or results or otherwise, except
as required by applicable securities laws. There can be no assurance
that forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those anticipated
in such statements. Accordingly, readers should not place undue reliance
on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.